Civic Intelligence

Real Estate Investment Securities Association Inc

EIN 51-0470980 • 501(c)6 • Indianapolis, IN

Profile

The real estate investment securities association is a national trade association serving professionals who offer and distribute all forms of real estate investment securities.

450 East 96th Street 185Indianapolis, IN 46240

www.reisa.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

50th percentile

0.21x

Higher debt load relative to assets than 50% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

46th percentile

0.27x

Higher debt load relative to revenue than 46% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Source year 2024

Net Margin

58th percentile

7.3%

Higher net margin than 58% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

47th percentile

$287,226

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 7.6% of source-year revenue.

501(c)6 • $5M-$10M nonprofits • Source year 2019

Asset Growth

85th percentile

22%

Faster asset growth than 85% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

16th percentile

-6.0%

Faster revenue growth than 16% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$5,824,547

Up $1,031,750 (+22%) from 2023

Liabilities

Up

$1,221,815

Up $700,746 (+134%) from 2023

Net Assets

Up

$4,602,732

Up $331,004 (+7.7%) from 2023

Revenue

Down

$4,466,629

Down $283,603 (-6.0%) from 2023

Expenses

Down

$4,142,362

Down $646 (-0.0%) from 2023

Net Income

Down

$324,267

Down $282,957 (-47%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2011: $1,206,139Liabilities 2011: $363,675Net Assets 2011: $842,4642011Assets 2012: $1,052,740Liabilities 2012: $292,718Net Assets 2012: $760,0222012Assets 2013: $1,085,392Liabilities 2013: $161,098Net Assets 2013: $924,2942013Assets 2015: $2,052,688Liabilities 2015: $323,727Net Assets 2015: $1,728,9612015Assets 2016: $2,377,807Liabilities 2016: $384,247Net Assets 2016: $1,993,5602016Assets 2017: $2,459,845Liabilities 2017: $409,978Net Assets 2017: $2,049,8672017Assets 2018: $2,755,946Liabilities 2018: $450,308Net Assets 2018: $2,305,6382018Assets 2019: $3,454,865Liabilities 2019: $671,340Net Assets 2019: $2,783,5252019Assets 2020: $2,549,855Liabilities 2020: $364,660Net Assets 2020: $2,185,1952020Assets 2021: $3,149,439Liabilities 2021: $414,418Net Assets 2021: $2,735,0212021Assets 2022: $4,271,776Liabilities 2022: $619,656Net Assets 2022: $3,652,1202022Assets 2023: $4,792,797Liabilities 2023: $521,069Net Assets 2023: $4,271,7282023Assets 2024: $5,824,547Liabilities 2024: $1,221,815Net Assets 2024: $4,602,7322024

Highlighted filing

2024

Assets$5,824,547
Liabilities$1,221,815
Net Assets$4,602,732

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $1,472,761Expenses 2011: $1,751,177Net Income 2011: -$278,4162011Revenue 2012: $1,729,489Expenses 2012: $1,811,210Net Income 2012: -$81,7212012Revenue 2013: $2,136,711Expenses 2013: $1,972,439Net Income 2013: $164,2722013Revenue 2015: $2,928,329Expenses 2015: $2,400,701Net Income 2015: $527,6282015Revenue 2016: $3,029,894Expenses 2016: $2,765,295Net Income 2016: $264,5992016Revenue 2017: $3,021,005Expenses 2017: $2,957,395Net Income 2017: $63,6102017Revenue 2018: $3,418,679Expenses 2018: $3,127,167Net Income 2018: $291,5122018Revenue 2019: $3,759,041Expenses 2019: $3,343,498Net Income 2019: $415,5432019Revenue 2020: $678,927Expenses 2020: $1,305,575Net Income 2020: -$626,6482020Revenue 2021: $3,448,531Expenses 2021: $2,874,959Net Income 2021: $573,5722021Revenue 2022: $4,470,817Expenses 2022: $3,509,056Net Income 2022: $961,7612022Revenue 2023: $4,750,232Expenses 2023: $4,143,008Net Income 2023: $607,2242023Revenue 2024: $4,466,629Expenses 2024: $4,142,362Net Income 2024: $324,2672024

Highlighted filing

2024

Revenue$4,466,629
Expenses$4,142,362
Net Income$324,267

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 31, 2025
Return Version
2024v5.2
Gross Receipts
$4,466,629
Mission and Program Overview

Mission

The alternative and direct investment securities association is a national trade association serving professionals who offer and distribute all forms of alternative and direct investments.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,539,645$3,389,671▼ $149,974
Savings and Temporary Cash Investments$1,057,912$2,106,931▲ $1,049,019
Prepaid Expenses and Deferred Charges$145,655$309,909▲ $164,254
Land, Buildings, and Equipment, Net$22,406$12,842▼ $9,564
Accounts Receivable$659$779▲ $120
Total Assets$4,792,797$5,824,547▲ $1,031,750
Other Assets Total$26,520$4,415▼ $22,105
Liabilities
Accounts Payable and Accrued Expenses$87,980$809,993▲ $722,013
Deferred Revenue$408,361$409,866▲ $1,505
Other Liabilities$24,728$1,956▼ $22,772
Total Liabilities$521,069$1,221,815▲ $700,746
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,271,728$4,602,732▲ $331,004
Total Net Assets Fund Balance$4,271,728$4,602,732▲ $331,004
Total Liabilities and Net Assets / Fund Balance$4,792,797$5,824,547▲ $1,031,750

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,487$182,710$184,197
Equipment$10,749$38,715$49,464
Leasehold Improvements$606$7,268$7,874
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John HarrisonExecutive Director/CEOFT$285,729$52,981$338,710
Tanisha BibbsDirector of Business DevelFT$179,605$29,278$208,883
Erin BalcerzakDirector of Membership & DFT$115,698$10,205$125,903
Jennifer FitzgeraldDirector of Marketing & CommunicationsFT$105,775$19,300$125,075

Board Members and Trustees

NameTitle
Michael UnderhillImmediate Past President
Jade MillerPresident
John GradyPresident - Elect
Matthew IakVice President
Amanda TeepleDirector
Angela BarberaDirector
Brad UpdikeDirector
Christy HutchisonDirector
Joanna VenetchDirector
Kyle KadishDirector
Mat DellorsoDirector
Stephen F LovellDirector
Sylvia KwanDirector
Ann K MooreDirector-at-large
David PittmanDirector-at-large
David WilsonDirector-at-large
Greg MauszDirector-at-large
Catherine BowmanSecretary
Mark KosankeTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Hillstaffer LLCAdvocacy And Direct Lobbying2001 L STREET NORTHWEST SUITE 500, Washington, DC 20036$217,275
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,234,222
Investment Income
$232,407
Other Revenue
$0
Change in Net Assets
$324,267

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,466,604
Revenue Not Reported on Financial Statements
$25
Revenue Not Reported on Form 990
$6,737
Total Revenue per Audited Statements
$4,473,341
Total Revenue per Form 990
$4,466,629
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,181,309
Salaries, Compensation, and Employee Benefits$946,053
Grants and Similar Amounts Paid$15,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Conferences and Meetings---$1,898,487
Other Salaries and Wages---$517,075
Current Officers, Directors, Trustees, and Key Employees---$338,710
Advertising---$334,705
Travel---$219,864
Office Expenses---$187,535
Fees for Services Other---$169,047
Fees for Services Accounting---$120,863
Information Technology---$95,000
Payroll Taxes---$45,443
Other Employee Benefits---$38,232
Insurance---$25,269
Occupancy---$24,238
Grants to Domestic Orgs---$15,000
Depreciation Depletion---$14,894
Fees for Services Lobbying---$12,000
Fees for Services Legal---$11,159
Pension Plan Contributions---$6,593
Other Expenses---$3,501
Fees for Service Investment Mgmnt Fees---$25
Total Functional Expenses$0$0$0$4,142,362

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,142,362
Expenses per Audited Statements$4,142,337
Total Expenses per Audited Statements$4,142,337
Expenses Not Reported on Financial Statements$25
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Adisa FoundationCarmel, IN501(c)(3)General Contribution$15,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes

Reported Spending and Taxes

Line ItemAmount
Current Year Nondeductible Lobbying and Political Cost$12,000
Total Nondeductible Lobbying and Political Cost$12,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$1,956
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Members are professionals who offer and manage private placements, direct participation programs and alternative investments.

Form 990, Part VI, Section A, Line 7A

The election of the board of directors by the members is held electronically via a neutral, independent election-service vendor.

Form 990, Part VI, Section B, Line 11B

The executive director of alternative and direct investments securities association, inc. (adisa) shall ensure that tax payments and other government-regulated payment or filings required by adisa are filed in a timely and accurate manner. The treasurer will review the 990 electronically prior to filing, and the board members will also receive a copy

Form 990, Part VI, Section B, Line 12C

Alternative direct investment securities association, inc. Requires all board members to sign an annual declaration of any conflicts of interest.

Form 990, Part VI, Section B, Line 15A

Adisa's executive committee is responsible for determining the compensation of the executive director. A review of the executive director is performed by the incoming and outgoing presidents. Executive director salaries in comparable positions throughout the midwest are also considered. A recommendation of any pay raise is presented to the executive committee for approval.

Form 990, Part VI, Section C, Line 19

Consistent with the requirements of section 6104 (d) of the internal revenue code and the regulations thereunder, copies of the irs form 990 of adisa shall be made available, upon request, in a timely manner, and subject to the charges permitted by law to any individuals who request it. Other governing documents and financial statements shall be made available for review by appointment with the executive director.

Filing and Contact Details

Filer

Filer Name
Alternative and Direct Investment
EIN
51-0470980
Phone
3176634180
Address
450 EAST 96TH STREET 185, INDIANAPOLIS, IN 46240

Signing Officer

Name
John Grady
Title
Executive Director
Phone
3176634180
Signed
2025-07-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Grady
Formed
2003
Legal Domicile
De
Voting Board Members
19
Independent Board Members
19
Employees
4
Volunteers
16

Preparer

Firm
Blue & Co LLC
Address
12800 N MERIDIAN ST STE 400, CARMEL, IN 46032
Preparer
Angela N Crawford CPA
Phone
3178488920
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The oversight process and the selection process did not change during the tax year.

Financial Statement Notes

PART X, LINE 2:

The association is a not-for-profit corporation that is exempt from income taxes under section 501(c)(6) of the united states internal revenue code and similar state law. As such, the association is generally exempt from income taxes. There was no unrelated business income for the years ended december 31, 2024 and 2023. However, the association is required to file federal form 990 return of organization exempt from income tax, and a corresponding state return, which are informational returns only. The association has filed its federal and state informational returns for periods through december 31, 2023. These informational returns are generally open to examination by the relevant taxing authorities for a period of three years from the later of the date the return was filed or its due date (including approved extensions). Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the association and recognize a tax liability if the association has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the association, and has concluded that as of december 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying financial statements. The association is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

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IRS990/Form990PartVIISectionAGrp/PersonNm1MATTHEW IAK
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR-AT-LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT - ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR-AT-LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR-AT-LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15IMMEDIATE PAST PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR-AT-LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt19EXECUTIVE DIRECTOR/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR OF BUSINESS DEVEL
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR OF MEMBERSHIP & D
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR OF MARKETING & COMMUNICATIONS
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IRS990/MissionDesc0THE ALTERNATIVE AND DIRECT INVESTMENT SECURITIES ASSOCIATION IS A NATIONAL TRADE ASSOCIATION SERVING PROFESSIONALS WHO OFFER AND DISTRIBUTE ALL FORMS OF ALTERNATIVE AND DIRECT INVESTMENTS.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OPERATING LEASE LIABILITY
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ASSOCIATION IS A NOT-FOR-PROFIT CORPORATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(6) OF THE UNITED STATES INTERNAL REVENUE CODE AND SIMILAR STATE LAW. AS SUCH, THE ASSOCIATION IS GENERALLY EXEMPT FROM INCOME TAXES. THERE WAS NO UNRELATED BUSINESS INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. HOWEVER, THE ASSOCIATION IS REQUIRED TO FILE FEDERAL FORM 990 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, AND A CORRESPONDING STATE RETURN, WHICH ARE INFORMATIONAL RETURNS ONLY. THE ASSOCIATION HAS FILED ITS FEDERAL AND STATE INFORMATIONAL RETURNS FOR PERIODS THROUGH DECEMBER 31, 2023. THESE INFORMATIONAL RETURNS ARE GENERALLY OPEN TO EXAMINATION BY THE RELEVANT TAXING AUTHORITIES FOR A PERIOD OF THREE YEARS FROM THE LATER OF THE DATE THE RETURN WAS FILED OR ITS DUE DATE (INCLUDING APPROVED EXTENSIONS). ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE ASSOCIATION AND RECOGNIZE A TAX LIABILITY IF THE ASSOCIATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY VARIOUS FEDERAL AND STATE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ASSOCIATION, AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2024 AND 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ASSOCIATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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